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Perhaps following recent report by NAIRAMETRICS, the Central Bank of Nigeria (CBN) has asked banks to start publishing their returns on the utilisation of the forex in the newspapers. This, it was learnt, was part of the measures by the CBN to check sharp practices in the forex market. For the first two weeks of […]

Economic, rather than political reasons are to be blamed for the hurricane that befell the 26 Directors-General and Heads of parastatals yesterday. The Nation reports that no fewer than 10 of them may be handed over to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) […]

Chairman of Innoson Motors, Nigeria’s first home made vehicle, Innoson Chukwuma received the Senate President Bukola Saraki and other senators at his company’s office yesterday. The company last month sacked about 50% of its work force due to the dwindling fortune it was facing as a result of high cost of dollar and difficulty to procure foreign exchange for […]Read More

Savings from the removal of removal of subsidy on both petrol and kerosene continue to grow on a daily basis leading to over N18.3bn on Premium Motor Spirit (petrol) and House Hold Kerosene (kerosene) between January 1 and February 12 this year an interval of about six weeks. Recall that the Federal Government ended the […]

The relationship between Samsung Heavy Industries and Lagos Deep Offshore Logistics (LADOL) has yielded another massive investment as both companies are pouring $400 million in a vessel fabrication and integration yard situated in Lagos, with an additional $200 million to follow in months to come. According to a report in the NATION, the yard has […]

Nigeria’s Central Bank Governor Godwin Emefiele has a credibility problem. The naira is tanking despite futile attempts to hold it at a nominal level of N199/$ apparently arrived at by pulling that number (N199) out of a hat since it has no macroeconomic relevance, anchor or bearing. The Real Effective Exchange Rate (REER) or inflation […]

Today, the 8th Senate of the Federal Republic of Nigeria directed the Nigerian Electricity Regulatory Commission (NERC) to immediately suspend the February 1st, 2016 tariff hikes, which are estimated to be upwards of 40 per cent. According to the Senate President, Dr. Bukola Saraki: “This move is necessary because any increase in cost, without the […]

Nigerian Stocks have recorded their first slump in a week, after the All Share Index (ASI) finished on a negative with a 1.26% drop. Here are the top gainers for today; MAYBAKER gained 5% to close at N0.84 GLAXOSMITH gained 4.98% to close at N21.93 ETERNA gained 4.92% to close at N1.92 PORTPAINT gained 4.28% […]Read More

“What is going on?”, Deutsche Bank asks, in the bank’s latest European equity strategy snapshot. Investors, Deutsche says, can’t seem to figure out why it is that European equities have plunged by some 20% since peaking in November. The usual suspects are trotted out (China, renewed concerns about NPLs, and the shocking realization that central […]Read More

Update: in case there was any doubt about the ECB’s true intentions, we just got the official “denial”: DRAGHI: ANY ECB ACTION ON EU500 NOTE IS NOT ABOUT REDUCING CASH Translation: the ECB action is only about reducing physical cash, some 30% of it to be specific. * * * The first shot in the […]

Submitted by Keith Dicker of IceCap Asset Management What goes up can also come down Whether unknowingly or not, the media and the investment industry has created an information gap wedging the 2008 debt crisis with today’s debt crisis. Chart 4 shows the difference in debt outstanding from 2008 compared to today. The Public Sector […]

Submitted by Raul Ilargi Meijer via The Automatic Earth blog, Financial bubbles blown on the back of massive amounts of debt, of necessity lead to debt deflation (it’s just entropy, really). Fighting this is futile, and grossly costly to boot. The only sensible thing to do is to guide the process as best you can […]